Author Russell Gold writes in the Wall Street Journal that “the geology of the Monterey is complex” as it “is riddled with faults, its oil is deeply buried, and its rocks aren’t amenable to being fracked, as they are elsewhere.”
“Companies focused on the Monterey, such as Venoco Inc., have been warning investors that the California shale was different from other shales. And oil output has been lackluster,” Gold writes.
The practical test is reserves based on current prices and technology. Everything else is a pipe dream. The professionals tell us that the Monterey is not amenable to fracking; maybe something else in the future, but not fracking and not current technology.